The Newkirk Corporation has annual credit sales of $37 million. The average collection period is 39 days. (Enter your answer as directed, but do not round intermediate calculations.)
Required: What is the average investment in accounts receivable as shown on the balance sheet? (Enter your answer in dollars, not millions of dollars (e.g., 1,234,567). Round your answer to 2 decimal places (e.g., 32.16).)